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In advertising, it helps to know which way the economic winds are blowing
Miles Nadal has managed a lot of firsts in building his agency empire. Here’s another: Adding a former big bank chief economist to his roster at MDC Partners.
Accurate economic forecasting can be a key ingredient in the success of advertising agencies’ ability to figure out where to allocate capital and marketing budgets. That might mean which sectors or, for a global network like MDC, which geographic regions. It also helps firms to be able to brief clients who are also wrestling with the same challenges.
Enter Dr. Sherry Cooper, who recently retired from her role as top economic dog at the Bank of Montreal and has now taken up the post of chief economic advisor to MDC. Cooper had provided advice to MDC over the past 15 years so when she stepped down, Nadal immediately picked up the phone and made his pitch.
The two made one of their best moves when, at at the height of the gloom over the financial crisis in 2008, they made a major contrarian call on the U.S. economy.
“We continue to be very bullish on America,” says Nadal, in part because of Cooper’s insights. She has, he says, a remarkable ability to interpret and communicate complex information “in digestible ways,” such as translating what it actually means to clients that China’s economic expansion might be likely to run at a clip of 7.5% in a given year but never exceed 10%.
“To my knowledge, no one else is doing this,” he says of the relationship between MDC and Cooper.
Dr. Sherry Cooper on…
The adland economy
Confidence is on the rebound, the Canadian economy is strong and in the U.S. it’s even stronger. In the U.S., advertising accounts for about 4% of gross domestic product and is growing faster than the rest of the economy. In Canada, it’s harder to measure advertising’s impact on the economy and there is a lot of shift right now, to social media for example, that makes it even harder. “It’s very exciting but it’s certainly in the midst of a major disruption.”
Upheaval in retail and merchandizing
The main reason U.S. retailers are looking north for expansion is because they’ve saturated the U.S. market. “It’s good for commercial real estate in Canada and good for consumers—but not for Canadian retailers. Canada has been behind in serving the consumer.”
Leaving Bay Street at 62 after more than 30 years
Next up: Having fun redefining herself, continuing on the speaking circuit, sitting on corporate boards and other consulting gigs. “It’s fun because it’s so diverse [and] entrepreneurial. For the first time in my life, I’m working for myself, not a big company.”
How to market to Sherry Cooper
“I so rarely watch regular TV [but] I love the Etrade baby that talks.” Hates: Ads that repeat. “It drives me crazy!” Online passion: “I’m enjoying the marketing on Pinterest. I use it a lot. It works.”
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